US Targets Law Firm with Iran Ties

[ABS News Service/22.10.2026]

The Treasury Department said yesterday it has sanctioned law firm Karnakis and Karnakis, five associated individuals, a cargo fleet operator and two shipping agents under Operation Economic Outcast.

Treasury’s Office of Foreign Assets Control also identified nine vessels as blocked property and issued two limited Iran-related general licenses.

Treasury alleged that the Panama- and Greece-based firm established companies whose vessels transported hundreds of millions of dollars’ worth of Iranian petroleum, petrochemicals, steel and other goods. Firm personnel allegedly served as corporate officers and directors to conceal beneficial ownership.

The designations also cover Roxette Maritime Shipping and Trading SA, Amigoz Singapore PTE Limited and Dubai-based Whales Shipping Line LLC. Treasury said these companies supported Iranian cargo shipments, shadow fleet operations or designated intermediaries. Seven Roxette vessels and two Whales vessels were identified as blocked property.

Treasury is coordinating with European authorities, including in Greece, to investigate financial links to Iran.

General License GG permits specified wind-down transactions involving Karnakis and Karnakis, its covered owned entities, and certain blocked representatives acting in their official capacities.

General License HH permits specified financial wind-down, vessel safety, crew protection, emergency repair, environmental, and cargo-offloading activities involving Roxette, covered entities, and seven listed vessels. Cargo must be non-Iranian-origin and loaded by October 21. Port-related authorizations exclude ports in Iran or Russia and ports controlled by either government. The two Whales vessels are not covered.